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Foreclosure in 95003 : Real Estate Advice

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  • Home Buying6
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Activity 2
Sat Jun 19, 2010
Emelia Sanchez answered:
You are legally being informed that they are about to begin eviction proceedings against you if the default is not cured within the set amount of days in the notice.

Under the Helping Families Save Their Homes Act, tenants have the right to stay in their homes after foreclosure for 90 days or through the term of their lease. No where does it state "rent free" so I don't know about that.

You may wish to provide them with your receipt showing that you have already paid for June your next payment is not due until July.

Many lenders will allow you to remain in the home until the sale of the property so that it is not vacant. Some will offer you cash for the keys if you leave the home clean, intact and ready for sale.

I recommend you contact them and advise them that you are paid up and will forward the next payment as agreed. The last thing you want is to to nothing and an eviction on your record.
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Tue Apr 27, 2010
Molly Thompson answered:
All good answers! Banks set a minimum bid that will allow them to recoup what they can from any insurance (PMI) that may exist for that loan, then re-sell property later thru MLS or auctions at a lower price. IF you buy at the court house steps (as I have) you need cashiers checks for the whole amount of your bid immedialtely and you don't get Title insurance so you could then be responsible for other liens. You will frequesntly get a better deal after the Trustee sale thru MLS listings and you will get title insurance and be able to finance the purchase and inspect the property thoroughly.
CHEERS!

Molly Thompson, Broker Assoc, APR
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